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Seoul singles' asset gap widens with age, welfare foundation says
En breve
The Seoul Metropolitan Welfare Foundation said an analysis of 921,328 single-person households in Seoul found asset levels differ sharply depending on whether the person owns a home, and that the gap widens with age — from about 2.5 times at ages 40-44 to 3.56 times at 65-69. Income gaps stayed near 1.3 times regardless of age. The foundation published the results by age group on its website.
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The Seoul Metropolitan Welfare Foundation said on Oct. 7 that the assets of single-person households in Seoul diverge sharply depending on whether the person owns a home, and that the gap tends to grow with age, according to its “Seoul Welfare in Data” analysis. [ 1 , 2 , 3 ]
The foundation analyzed 921,328 Seoul residents who met the single-person household criteria between January and December 2024, using pseudonymized data from KCB, Shinhan Card and SK Telecom. It used an index in which the average for an entire age group equals 100, meaning a reading above 100 is higher than the age-group average and below 100 is lower. [ 2 , 3 ]
For 40-44 year-olds, non-homeowners had an asset index of 84.2, while those who owned and lived in their own homes scored 214 — a 2.54-fold difference. The multiple rose with age: 2.76 times at 45-49, about 3.1 times at 50-54, 3.14 times at 55-59, 3.4 times at 60-64 and 3.56 times at 65-69, the highest figure cited. Kyunghyang Shinmun also reported 1.93 times at ages 30-34 and 2.21 times at 35-39, and said the gap edged down to 3.5 times for those aged 70 and older. For the 50-54 group, Yonhap reported 3.08 times and Kyunghyang Shinmun 3.07 times. [ 2 , 3 ]
Income differences by home ownership were smaller and did not follow the same age pattern. Yonhap reported an income index of 94.4 for non-homeowners and 126 for owner-occupiers at ages 40-44, a gap of about 1.33 times, with 1.34 times at 45-49, 1.3 times at 50-54 and 1.22 times at 55-59. Kyunghyang Shinmun said owner households earned around 1.3 times more than non-owner households across age groups. [ 2 , 3 ]
Loan holdings also differed. Yonhap reported that among 40-44 year-olds, 37.6 percent of non-homeowners and 55.6 percent of owner-occupiers had a positive loan balance. It said the share of people with loans differed by up to 18 percentage points depending on home ownership. Kyunghyang Shinmun reported that the loan-holding gap was widest between the late 30s and early 40s, at 17.72 percentage points for ages 35-39 and 17.94 points for ages 40-44. [ 2 , 3 ]
Asia Economy reported that homeowner single-person households had asset indexes up to about 3.6 times those of non-homeowners and that loan and card usage rates were also much higher among owners. [ 1 ]
Jin Su-hee, chief executive of the Seoul Metropolitan Welfare Foundation, said looking at single-person households through the single lens of age “can miss the diverse economic and financial characteristics within the same age group.” She said the data were made public so anyone can check the age group they are interested in, and that she hopes they will be widely used. The foundation said the data contain no personally identifying information, and that detailed results by age are available on its website. [ 2 , 3 ]
Por qué importa
The figures give a municipal welfare foundation's breakdown of how housing ownership tracks with financial position among the city's single-person households, a group it says is often treated as one category. The foundation said the data are published by age group so the public can look up their own cohort. The documents do not set out specific policy measures.
Datos clave
- The Seoul Metropolitan Welfare Foundation analyzed 921,328 Seoul residents who met the single-person household criteria during 2024. [ 2 , 3 ]
- The foundation used pseudonymized data from KCB, Shinhan Card and SK Telecom, and an index in which an entire age group's average equals 100. [ 2 , 3 ]
- Among 40-44 year-olds, non-homeowners had an asset index of 84.2 and owner-occupiers 214, a 2.54-fold difference. [ 2 , 3 ]
- The asset multiple rose with age, reaching 3.56 times at ages 65-69, the largest gap cited. [ 2 , 3 ]
- Income gaps between owners and non-owners stayed around 1.3 times across age groups. [ 2 , 3 ]
- Among 40-44 year-olds, 37.6 percent of non-homeowners and 55.6 percent of owner-occupiers had a positive loan balance, a gap of about 18 percentage points. [ 2 ]
- Asia Economy reported homeowner single-person households had asset indexes up to about 3.6 times higher and also higher loan and card usage rates. [ 1 ]
- The foundation published detailed results by age group on its “Seoul Welfare in Data” website and said the data contain no personally identifying information. [ 2 , 3 ]
Confirmado por varias fuentes
- The Seoul Metropolitan Welfare Foundation released the “Seoul Welfare in Data” analysis on Oct. 7. [ 1 , 2 , 3 ]
- The analysis covered 921,328 single-person households in Seoul for 2024 using pseudonymized KCB, Shinhan Card and SK Telecom data. [ 2 , 3 ]
- For ages 40-44, the asset index was 84.2 for non-homeowners against 214 for owner-occupiers, a 2.54-fold difference. [ 2 , 3 ]
- The asset gap between homeowners and non-homeowners widened with age, reaching 3.56 times at ages 65-69. [ 2 , 3 ]
- Income gaps by home ownership stayed near 1.3 times regardless of age. [ 2 , 3 ]
Aún sin aclarar
- Asia Economy reported that card usage rates were also much higher among homeowner single-person households. Only Asia Economy's summary mentions card usage; the two full articles cover loans but not card usage.
- The exact size of the asset multiple at ages 50-54. Yonhap reported 3.08 times and Kyunghyang Shinmun reported 3.07 times for the same age group.
- The reported narrowing of the asset gap at ages 70 and older, to 3.5 times. Mentioned only by Kyunghyang Shinmun.
- The size of the loan-holding gap by age group, given as 17.72 percentage points at 35-39 and 17.94 points at 40-44. These specific figures appear only in Kyunghyang Shinmun; Yonhap gives the 40-44 figures as 37.6 percent against 55.6 percent.
- What causes the asset and loan gaps, and whether they reflect assets, debt or both. The documents present the index and ratios but do not state causes.